Brandt Supports Chiliz (CHZ) Analysis

Veteran trader and analyst Peter Brandt noted that Chiliz’s (CHZ) weekly chart is a bottom formation with a head and shoulders. A Twitter user named “Jleader” claimed that a massive 11-month head and shoulder base had formed on the CHZ weekly chart. Brandt also commented, confirming the user’s claim.

Expressing that the emergence of chart patterns is a very beautiful thing, Brandt was quick to draw attention to the magic of the user-defined classic pattern.

In his tweet, Brandt stated that the classical technical rules are often not valid in cryptocurrencies, but in this chart, the opposite may be possible.

The well-known head and shoulders pattern is formed when an asset’s price peaks and then falls back to the bottom of the previous bullish move. Head and shoulder formation can also occur in the opposite direction. This is known as the base of the head and shoulders or inverted head and shoulders, which is also seen on the CHZ chart. This bullish version of the head and shoulders pattern is formed near the bottom of the downtrend and signals that the current downtrend may reverse and the price may rise.

Chiliz (CHZ) price started an upward move after bottoming out at $0.163 on October 21. The daily RSI has broken from the 30 oversold level to above 70 overbought levels. With the enthusiasm for the FIFA World Cup to begin in the coming days, price increases in fan tokens and CHZ are likely. For all of this, the lack of bearish movements of Bitcoin (BTC) seems to be the primary condition.

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